How do you work with other experts to develop a business case?

One thing I've found helpful when approaching stakeholders is to be clear about your goals and objectives. Make sure that the experts understand what you are trying to achieve with the business case. Be respectful of the experts' time and expertise.

In my experience, I start the identifying stakeholders task through brainstorming list of people who are impacted by this initiative and group them as internal and external stakeholders. - Second step is to develop a communication plan - on how to keep stakeholders informed yet engaged throughout the process. - Getting timely feedback from the stakeholders helps with better understanding and make revisions if required. - Storytelling and gamification of the business case development might help in engaging well with the stakeholders.

It is important to understand the individual components of the business case and build a cross domain team with experts of each component. The structure should have a leadership group and a core team group to sync strategy with execution.

Always start with a stakeholder map. It needs to be defined by initiative, helping identify the people involved and their level of influence on the decision. The stakeholder map gives us a comprehensive map that helps understand who are the people who need to be involved. I've always included a broad range of stakeholders, but making sure the list of people is relevant and does not extend too much. Focus on Indirect, Direct, and Core Stakeholders.

Remember that identifying subject matter experts is an ongoing process, and it’s essential to engage them early and maintain open communication throughout the development of the business case. Their insights and expertise are invaluable in ensuring the business case is well-informed and robust.

Collaborating closely with subject matter experts can be challenging due to the need for open communication, alignment of diverse perspectives, and effective data collection and analysis, while prioritizing feasible solutions and conducting a comprehensive cost-benefit analysis may face challenges in terms of resource constraints and the complexity of quantifying potential benefits and risks; nevertheless, integrating the refined problem and opportunity statements into the comprehensive business case is essential to ensure they align strategically and are substantiated with evidence, overcoming potential resistance and maintaining alignment with organizational goals.

I would define/frame it as an opportunity for a future growth rather than a problem to be solved, which can lead to favourable and innovative approaches.

It's important to not let stakeholders drive the solution, which can mean repeatedly bringing them back to the problem or opportunity. I've found it helpful to document current processes with pain points to bring them back to the objective of this step.

The easiest and most quantitative way to define the problem is by estimating the gap between the current state and desired state. Further by categorizing the gap as a technology gap, resource gap or knowledge gap. While we as business analyst thrive to search for a technology gap, many issues actually fall under the other two categories. Once we are convinced that the identified gap is due to lack of technology or a better system, we would have a clear problem statement to work for. Problem identified with this approach can later be projected as the expected results of the project making it a viable case for funding, For eg: a gap of 20% in retail sale can be pitched as, "This project can add upto 20% in retail sales, if funded".

Defining the problem or opportunity is the first step to develop a business case, which is a document that justifies a project or an investment, showing the expected benefits, costs, risks and possible alternatives. Defining the problem or opportunity is key to establish the purpose and scope of the project or investment, as well as the success criteria and performance indicators. This way, it helps to communicate clearly and persuasively the need and value of the project or investment to the decision makers. This is my perspective on this topic, but it may not be the same as yours.

Collaborating with subject matter experts to define the costs and benefits for building a business case can be intricate due to factors such as varying data sources, estimating future financial impacts accurately, and ensuring comprehensive cost and benefit coverage; to overcome these challenges, establish clear data collection processes, engage financial experts for precise estimation, conduct sensitivity analyses to account for uncertainties, and involve stakeholders from different departments to ensure a holistic view of costs and benefits.

One key item while estimating the cost is to also calculate the opportunity cost of the project not undertaken if the current option is chosen. The sponsor might find it useful to increase the spending by 5% if the profits can be raised by 20%, but the same option becomes less attractive if the option forsaken add only 3% cost and attains even 15% profit growth.

Sometimes it becomes extremely tough to calculate benefits in terms of numbers.In such a scenario, we have to critically examine and set a benchmark for success.

Sometimes value is more than dollars and cents. Engage with customers, users, and subject matter experts to unearth the richness of benefits. These can extend beyond the tangible financial gains to include operational efficiencies, strategic advantages, and the intangible benefits that enhance your organization's reputation.

Estimating costs and benefits involves a multidisciplinary effort, requiring input from financial experts, project managers, and subject matter specialists. We once collaborated with finance and operations teams to assess the financial implications of expanding our manufacturing facilities. By working together, we were able to create a detailed cost-benefit analysis that considered capital expenditures, operational costs, and expected revenue increases, leading to a more accurate business case.

Collaborating with subject matter experts to analyze the risks and assumptions when building a business case involves a thorough examination of uncertainties and potential pitfalls, often requiring experts from diverse fields to contribute their insights. Challenges may include identifying hidden risks, assessing their potential impact, and validating underlying assumptions, but this collaborative effort is crucial for ensuring that the business case is grounded in a realistic assessment of the project's potential challenges and opportunities, and it allows for the development of effective risk mitigation strategies and contingency plans.

One of the things that is crucial in aiding the decision making process is a What - If analysis? Based on different parameters, we have to create a structure that can give us contrived data for both positive and negative outcomes. The key is to use Optimisation Research techniques to come to an outcome which may not be the most rewarding but, tries to balance both risks and benefits. MS Excel is usually sufficient for this analysis given that we have access to current process data.

Analyzing risks and assumptions is a pivotal part of business planning. It entails identifying potential challenges and uncertainties that could affect your project and examining the assumptions on which your plan is based. Risks are assessed by probability and impact, followed by mitigation strategies. Assumptions are documented, validated, and monitored throughout the project, and contingency plans are developed for critical ones. This process ensures that decision-makers are well-informed, enhances project resilience, and boosts stakeholder confidence in your plan's viability.

Work with risk management experts to identify potential risks and uncertainties associated with each option. Develop mitigation strategies and contingency plans.

Analysing risks and assumptions is vital. Let's consider a construction project (initiative). Collaborating with experts, you identify risks like weather delays, legal disputes, and budget overruns. You assess the likelihood and impact of each risk, preparing contingency plans. You also engage stakeholders to validate assumptions, such as market demand or resource availability. This comprehensive risk and assumption analysis ensures a robust business case for the construction project.

Presenting recommendations and conclusions in business planning is essential for guiding decision-makers. Recommendations should be clear, supported by data, aligned with objectives, and considered risks and costs. Conclusions should summarize key findings, reiterate objectives, address assumptions and implications, and discuss success factors and future considerations. To effectively communicate, use clear language, and visual aids, engage the audience, be prepared for questions, and provide an executive summary. This ensures that stakeholders grasp the key insights and are equipped to make informed decisions about the project or initiative.

The final step is crucial. Imagine a technology upgrade project. Collaborating with sponsors and managers, you summarise key findings and propose the best solution. You emphasise benefits, costs, risks, and assumptions, comparing them with alternatives. You provide a clear implementation plan, timeline, and budget. Addressing concerns ensures decision-makers have all necessary information for approving the technology upgrade. This collaborative approach results in a well-rounded business case that supports informed decisions.

Little and often. Keep it personal. No enormous meeting. Small agreements and small wins. Stop trying to be the leader of an expedition and start being the owner of real living relationships. No one wants to be communicated to as part of a crowd, unless it’s a sports game.

The final step is about showing your plan to the big bosses and explaining why it's a good idea. You work with important people to summarize what you found, suggest the best way forward, and talk about the good and bad parts of the plan. You also make a clear plan for how to put the idea into action, including when it'll happen and how much it'll cost. This whole process is like a team effort, and by following these steps, you can make sure your idea makes sense and helps the company make smart decisions.

When it comes to presenting your case to decision makers, remember it’s not about trying to convince them of what matters to you. This is a really common and understandable mistake. Chance are, if you’re building a case, it’s because you care deeply about it. Be careful you don’t let that take priority in the messages you deliver unless you’ve already validated your stakeholders care as much about it as you do. Influence is about understanding what’s important to the people you’re looking to influence and connecting your solution to their problem. When you miss this, you’ll find yourself frustrated as you desperately try to make someone care about something they don’t. And ultimately, when people don’t care, they don’t act.

Business analysts can build effective relationships with subject matter experts (SMEs) by actively listening to their insights, organizing collaborative workshops, and maintaining clear communication, fostering trust and adaptability while handling conflicts diplomatically and continuously updating domain knowledge to ensure the success of initiatives.

Assemble a cross-functional team of experts who will collaborate on developing the business case. Each team member should bring their specific expertise to the table. Organize collaborative workshops or brainstorming sessions with the team to share insights, identify potential challenges, and explore various solution options. Encourage open and creative discussions.

Involve legal experts to ensure that the proposed solution complies with all relevant laws and regulations. Address any legal or compliance issues proactively.

I think what we missed was that we need to set up a steering committee/pre- defined meetings during this course of the project. This will help in 2 ways- 1) Giving proper and timely updates to Stakeholders 2) Identifying the bottlenecks

In addition to the core elements, it's important to consider factors such as the timeline for the project, the alignment with the organization's strategic objectives, and the potential impact on existing resources and processes. Collaborative efforts in all these aspects ensure that the business case is well-rounded and stands a higher chance of gaining approval and support from key decision-makers.